Bitcoin (BTC) returned all the gains of 2021 this year. It has lost more than 70% of its value from the ATH price. But Antoni Trenchev, co-founder of Nexo crypto finance business, says he is not giving up on the industry.
Famous CEO says Bitcoin price will rise more than 350%
In a recent interview with Bloomberg Technology, Trenchev claims that Bitcoin experienced serious price fluctuations until the drop before making a significant recovery. The famous CEO predicts that BTC will soon enter another bull cycle.
Bitcoin last saw this level of volatility and 50% intraday loss in March 2020. It then gained more than 10 times in value from these levels. It finally reached the psychological price threshold of $50,000. Therefore, the CEO believes that “after the market is leveraged and hedging, we will return to a burning bull market.”
Trenchev thinks Bitcoin price will bottom out at these levels
Trenchev has updated his forecasts considering that the market is in a prolonged decline that started in November. He says he believes Bitcoin will maintain the $20,000 support level. However, he also points out that greater macroeconomic uncertainties will have an impact on BTC’s price action:
I believe that all the negative emotions brought by market pressure and payment difficulty have already been taken into account. These levels, around $20,000, which are the ATH levels of the last bull cycle that coincidentally ended in 2017-2018, have a very strong chance to hold, I think.
In the continuation of his statements, Trenchev comments on Bitcoin’s correlation with traditional markets:
It is very likely that this will result in a relief rally but it also depends on how the overall performance of the risk assets is going. You can’t expect a significant recovery in Bitcoin as the S&P500 drops 3% every day.
Trenchev predicted BTC price to reach $100,000 before mid-year
When asked about his latest price prediction by Bloomberg host Matt Miller, Nexo co-founder said:
I am steadfast in my determination to reach my goal of $100,000 in the next 12 months. By no means will this be the craziest thing Bitcoin has ever done.
As we quoted as Kriptokoin.com , Bitcoin continues its downtrend at the time of writing. It fell under $20,000 on June 18 with recent sales. Meanwhile, large volumes of altcoins such as Ethereum and Solana breached critical supports.
It is worth mentioning that these levels are the peaks of previous bull runs. Therefore, analysts consider the current levels to be an important test for Bitcoin. The leading cryptocurrency has yet to find new buyers at these levels. Considering that the depreciation since last week has exceeded 30%, the days ahead are critical.
